Review of Prairie Time: A Blackland Portrait by Matt White

Nowadays, the Blackland Prairies of north Texas are the kind of landscape most people think of as great for subdivisions and strip malls: generally flat, easily bulldozed, and not too far from Dallas-Fort Worth. Prairie Time: A Blackland Portrait traces a similar utilitarian vision of the prairie in 19th-century pioneer descriptions as well: good for plowing, grazing, and-once the buffalo and Native Americans are exterminated-not too far from outposts of commerce. The book serves as an environmental jeremiad for a place too easily seen as useful and thus too often ignored for preservation. Matt White gives readers a context in which to begin to value the Blackland Prairie by combining a heartfelt story with a thorough sense of its ecological wonder, our post-settlement history and its environmental impact on the land, and some remarkable stories of current preservationists working to find and save remnant gems of unplowed prairie.

The Myth of the Rational Market: Nudging Each Other Away from Fool’s Gold

A flurry of media commentary and several new books are focused on the recent financial crisis and near economic collapse. A Newsweek article by Zakaria (2009), “Greed is Good (To a Point),” suggests reconsidering the role of greed in capitalism. This is also the theme in Fools Gold (Tett, 2009), a story about the way derivatives markets have evolved: showing greed at its worst. In many ways this is the core source of the current set of problems. In some sense, these perspectives are integrated in The Myth of the Rational Market by Fox (2009), who traces the thinking on the efficient market hypothesis, now understood for what it is: a myth. Both books are based in large part on interviews with major players in the crisis. There are also books drawing mainly on science, but still quite accessible to general readers, as represented in Nudge by Thaler and Sunstein (2008). Both have done extensive research on human foibles in economic choice. There is also Animal Spirits (Akerlof and Schiller, 2009), a book about what Keynesian economics is really about, a look at human forces at work. Akerlof is a Nobel prize winner in economics, who before this has pointed to the problems with presuming rationality in real markets. Schiller is one of the few economists who predicted these events.